Shuaa Capital plans to cut further costs after swinging to a loss in 2Q16. The company earmarked AED56.9mn as provisions for its SME lending business. The company reported a net loss of AED51mn in 2Q16 versus a net profit of AED1.7mn in 2Q15. The company’s chairman said that its 2Q16 performance was a reflection of ongoing volatility in global markets and the challenges facing the local SME sector. The company plans to undertake rigorous cost controls and appoint senior executives to help turn the company around. (The National)
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